A $60-70/bbl price band

摘要

Strong rallies in both equity and commodity markets in late July pushed front-month crude contracts above $68/bbl in New York and $70/bbl in London just 2 week after the price dipped below $60/bbl in more pessimistic market. The rally started with better than expected earnings at a number of companies and improved economic data. The Federal Reserve raised its 2010 growth forecast and trimmed the amount of the 2009 contraction. Meanwhile, KBC analysts said, there are still plenty of skeptics out there who believed that even if the bottom of the recession is near, the recovery will be slow and could even be reversed when the stimulus packages lavished on economies around the world wear off.